According to Stratistics MRC, the Global Disaster Recovery as a Service market is expected to grow from $1.64 billion in 2016 to reach $20.35 billion by 2023 with a CAGR of 43.3%. Increasing adoption of cloud solutions in small and medium enterprises, greater flexibility and automation capabilities and cost effectiveness are the some of the key factors propelling the market growth. However, a high network bandwidth requirement is one of the major factors restraining the market.

By service type, backup and recovery segment provides benefits to enterprises such as security, reliability, profitability and in the event of disaster it helps the continuity of the business. Backup and Recovery are critical components of Disaster Recovery and they help enterprises in reducing their operational costs.

Geographically, North America is anticipated to witness the largest market share owing to adoption of digital business and a shift towards cloud based solutions and services. In addition, huge investments are being made by many organizations towards cutting- edge technologies inorder to keep up with other competitors and improve business operations.